Operations at Emerald Resources' (ASX:EMR) Okvau gold mine in Cambodia are "really humming", with the plant's production exceeding expectations and operating 17.5% above nameplate capacity, according to a Tuesday note from Euroz Hartleys.

On Jan.5, the company said gold production in the quarter ended Dec. 31, 2024, at the Okvau mine in Cambodia reached a record 31,888 ounces, above the guidance of 25,000 to 30,000 ounces.

The mining firm also said it sold 31,490 gold ounces during the quarter at an average price of $2,669 per ounce and expects its debt to be paid in the March quarter.

Processing optimizations have led to higher gold recoveries of 85.4%, up 5% from the previous quarter at the mine and above the target design, Euroz Harlteys said.

Euroz Hartleys sees a significant upside at Okavu with the potential to extend the open-pit operation and add to the mine life.

The deposit remains open at depth, presenting future opportunities for high-grade underground mine development, the firm said.

The firm maintained EMR's buy rating but increased its price target to AU$5 from AU$4.75.